As one of the most active neighborhoods in Tallahassee, the Southwood housing market is worth watching as its own entity.
There are trends occurring for Southwood housing that are fairly unique and localized to the homes located in Southwood, but it's a large enough part of the Tallahassee real estate market that the impact will be felt throughout Tallahassee.
Currently, there are 47 homes for sale in Southwood in the Tallahassee MLS, and there might be as much as four times that amount growing in the "pent up" supply.
Southwood Housing - New Construction Versus Current Homeowners
The real estate graph above shows that still one in four home sales in Southwood is new construction (blue line), with builders being able to attract buyers with brand new homes at prices which are competitive with the existing homes for sale.
This additional inventory is not helping homeowners who are trying to sell Southwood homes, and it's a contributing factor in the rise in distressed home sales (red line) which now has exceeded 31% of all Southwood real estate sales.
The graph below shows the cost of building new homes in the Southwood housing market is no longer falling, and we are seeing the new construction trend finally declining. But even as new construction prices are set to reach the $150 per square foot level, existing Southwood real estate values continue to decline.
The information in these graphs is not sufficient to determine the specific value of any home or lot in the Southwood housing market, but the trends are indicative of the direction of current values.
Recent Sales In The Southwood Housing Market
If you are thinking of selling a home in Southwood, just drop me a note and we can show you how to leap ahead of your competition and get your home sold fast.
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